{"id":113738,"date":"2024-01-22T18:39:39","date_gmt":"2024-01-22T17:39:39","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/113738\/"},"modified":"2024-11-14T13:17:59","modified_gmt":"2024-11-14T12:17:59","slug":"the-impact-of-venture-capital-on-innovation-behaviour-and-firm-growth","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/113738\/","title":{"rendered":"The Impact of Venture Capital on Innovation Behaviour and Firm Growth"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-113738","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Proposing a novel research design for firm-level impact studies, I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data. Controlling for differences in industry, location, legal status, size, age, credit rating, export and innovation behaviour, the findings (i) assert the financing function of venture capital, showing that recipients lacked access to satisfactory alternative sources of capital; (ii) identify selection effects, where venture capital is invested in firms with high performance potential; and finally (iii) confirm the value adding function in terms of a genuine causal impact of venture capital on firm growth, yet not on innovation output.","onlinedate":"2010-04-20 02:00:00","lang":"English","publication_series":"","publication_date":"20100401","publication_date_year":"","publication_date_full":false,"publication_num_pages":"37","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":415050,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"363","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44410],"research_groups":[3491],"collaboration":"","persons":[3776],"persons_data":"[{\"personId\":3776,\"personName\":\"Michael Peneder\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Peneder, M.<\\\/span> (2010). <span>The Impact of Venture Capital on Innovation Behaviour and Firm Growth<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (363). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/39141\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/39141<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Peneder M<\\\/span>. <span class=\\\"title\\\"><span>The Impact of Venture Capital on Innovation Behaviour and Firm Growth<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2010 Apr;(363).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{a570d2a45e2a47cdb7fb4bc6163031d6,<\\\/div><div>  title    = \\\"The Impact of Venture Capital on Innovation Behaviour and Firm Growth\\\",<\\\/div><div>  abstract = \\\"Proposing a novel research design for firm-level impact studies, I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data. Controlling for differences in industry, location, legal status, size, age, credit rating, export and innovation behaviour, the findings (i) assert the financing function of venture capital, showing that recipients lacked access to satisfactory alternative sources of capital; (ii) identify selection effects, where venture capital is invested in firms with high performance potential; and finally (iii) confirm the value adding function in terms of a genuine causal impact of venture capital on firm growth, yet not on innovation output.\\\",<\\\/div><div>  keywords = \\\"venture capital, entrepreneurship, firm growth, propensity score matching\\\",<\\\/div><div>  author   = \\\"Michael Peneder\\\",<\\\/div><div>  year     = \\\"2010\\\",<\\\/div><div>  month    = apr,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - The Impact of Venture Capital on Innovation Behaviour and Firm Growth<\\\/p><p>AU  - Peneder, Michael<\\\/p><p>PY  - 2010\\\/4<\\\/p><p>Y1  - 2010\\\/4<\\\/p><p>N2  - Proposing a novel research design for firm-level impact studies, I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data. Controlling for differences in industry, location, legal status, size, age, credit rating, export and innovation behaviour, the findings (i) assert the financing function of venture capital, showing that recipients lacked access to satisfactory alternative sources of capital; (ii) identify selection effects, where venture capital is invested in firms with high performance potential; and finally (iii) confirm the value adding function in terms of a genuine causal impact of venture capital on firm growth, yet not on innovation output.<\\\/p><p>AB  - Proposing a novel research design for firm-level impact studies, I investigate the effects of venture capital financing on corporate performance by applying a two-stage propensity score matching on Austrian micro-data. Controlling for differences in industry, location, legal status, size, age, credit rating, export and innovation behaviour, the findings (i) assert the financing function of venture capital, showing that recipients lacked access to satisfactory alternative sources of capital; (ii) identify selection effects, where venture capital is invested in firms with high performance potential; and finally (iii) confirm the value adding function in terms of a genuine causal impact of venture capital on firm growth, yet not on innovation output.<\\\/p><p>KW  - venture capital<\\\/p><p>KW  -  entrepreneurship<\\\/p><p>KW  -  firm growth<\\\/p><p>KW  -  propensity score matching<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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